It's been a disappointing day so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At lunch the index has dropped lower by 0.9% to 5,756 points with declines across the board.
However, four shares have gone against the grain today and rocketed higher. Here's why:
Bubs Australia Ltd (ASX: BUB) shares have rebounded from yesterday's sell-off and climbed 6% to 25.5 cents. The infant formula manufacturer has been making all the headlines since listing on the ASX last week via a reverse takeover. But fellow infant formula manufacturer Bellamy's Australia Ltd (ASX: BAL) might steal the spotlight on Friday the 13th when its shares are expected to finally come out of suspension.
Class Ltd (ASX: CL1) shares have jumped almost 6% to $2.95 after the self-managed super fund software provider released a quarterly update to the market. The fast-growing company announced an increase of 5,745 billable portfolios in the December quarter to a total of 130,216. During the quarter the Class Super platform increased its market share to 21.7% of the estimated 589,000 SMSFs. Although its shares aren't cheap, I believe its strong growth prospects justify the premium.
Praemium Ltd (ASX: PPS) shares have also surged almost 6% to 46 cents following the release of an update on its funds under administration. The global provider of investment administration, separately managed accounts, and financial planning technology platforms finished the year with $5.4 billion of funds under administration. This worked out to be an annual increase of 29% or $1.2 billion. I think Praemium has enormous potential and would be a great buy and hold investment.
Slater & Gordon Limited (ASX: SGH) shares have rocketed higher for a second day in a row, this time by 9% to 31 cents. The embattled law firm's share price has now risen a remarkable 31% in just two days after being thrown a lifeline in the United Kingdom. That lifeline is news that the Law Society is fighting proposals to raise the small claims limit to £5,000 for all personal injury claims. Despite this positive news, I would urge investors to stay clear of the company.
